In the recent English Appellate decision in SERVIS TERMINAL LLC -V- DRELLE (2025) EWCA CIV 62, it has been held that a foreign judgment which has not been recognized and enforced in England, cannot be used, as a basis for the filing of any bankruptcy petition – (including a winding up petition) – on the ground that the sum awarded as per the foreign judgment, is liquidated, undisputed and payable.
It shall be noted that ten years (10) ago, the Cypriot Appellate Court adopted the same principles in the case INTERPARTEMENTAL CONCERN OAO URALMETROM -V- BESUNO (2014) 1 AAD 427, in which inter alia decided:
(a) That a foreign arbitration award – (including a foreign judgment), does not have any legal effect in the Republic of Cyprus, until same is recognized and enforced in Cyprus as per the provisions of NYC.
(b) To dismiss the winding up petition based on the sum awarded under the foreign arbitral award, because such a petition could not be presented on the strength of such unregistered arbitral award.
The principles laid down in Interpartemental -v- Besuno (supra), have been followed and adopted in many 1st Instance Cypriot cases and they have been also re-affirmed by the Appellate Court in the case ONEMIX GROUP MANAGEMENT LTD -V- ROSTEX ENTERPRISES LTD (Civil Appeal 116/2015 – Decision dated 31/1/2024).
For further information on this topic please contact
Mr. Kyriakos Pittas ( kpittas@pittaslegal.com ) at SOTERIS PITTAS & CO LLC,
by telephone (+357 25 028460) or by fax (+357 25 028461)
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